Northwestern Mutual Wealth Management Co. Has $166,000 Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Northwestern Mutual Wealth Management Co. reduced its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 26.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,846 shares of the company’s stock after selling 4,237 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Tencent Music Entertainment Group were worth $166,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TME. Ninety One UK Ltd acquired a new position in shares of Tencent Music Entertainment Group during the second quarter worth approximately $122,775,000. Goldman Sachs Group Inc. raised its holdings in Tencent Music Entertainment Group by 78.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after buying an additional 6,088,504 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 18,902.2% in the second quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock valued at $62,765,000 after buying an additional 4,445,235 shares in the last quarter. Bamco Inc. NY acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at about $40,857,000. Finally, Principal Financial Group Inc. increased its position in shares of Tencent Music Entertainment Group by 116.5% during the second quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock worth $73,993,000 after acquiring an additional 2,834,212 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

TME opened at $12.53 on Friday. Tencent Music Entertainment Group has a fifty-two week low of $6.38 and a fifty-two week high of $15.77. The firm has a 50-day moving average of $11.27 and a 200 day moving average of $12.81. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market cap of $21.50 billion, a P/E ratio of 27.37, a PEG ratio of 1.01 and a beta of 0.66.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The company had revenue of $985.00 million for the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. On average, research analysts expect that Tencent Music Entertainment Group will post 0.62 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TME. Bank of America dropped their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Mizuho lowered their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Benchmark cut their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average price target of $12.67.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.